SBM Offshore to Build Largest FPSO in Its History for Yellowtail Project in Guyana

Written by Valdemar Medeiros

Published on 06/04/2022 at 11:41

Petroleira norte-americana anunciou o FID (Final Investment Decision) de seu quarto projeto na Guiana, que deverá produzir aproximadamente 250 mil barris a partir de 2025 – imagem: ExxonMobil

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Beyond The FPSO From SBM Offshore, It Is Estimated That Another 10 Projects Will Be Applied For Petroleum Development In Guyana With ExxonMobil

SBM Offshore confirmed on Monday (4) that it will build the largest FPSO in its history, after signing an agreement with ExxonMobil, to be deployed within the Yellowtail project in Guyana, as soon as the American oil company receives the necessary government approvals and regulatory licenses. The Yellowtail will now be the fourth and largest project of ExxonMobil in the Stabroek Block. The estimate is that there will be a production of approximately 250,000 barrels of oil per day, but only starting in 2025. The FPSO vessel, named One Guyana, will develop approximately 900 million barrels of oil. The project, valued at US$ 10 billion, will include about 6 drilling centers, with up to 67 development wells.

Contract Between SBM Offshore and ExxonMobil Will Result In Investments In The Yellowtail Project

On the first Tuesday of April (5), SBM Offshore reported that ExxonMobil’s affiliate, Esso Exploration and Production Guyana Limited, has already confirmed the executive expropriation process of contracts to expedite the development project Yellowtail, located in the Stabroek Block in Guyana. SBM Offshore intends to build, install, lease, and commission the One Guyana FPSO within approximately two years.

Upon completion of the period, the ownership and operation of the FPSO will pass to ExxonMobil’s affiliate. The project is based on the completion of front-end engineering and design studies, received after the issuance of the necessary government approvals and the final investment decision by ExxonMobil and co-venturers.

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Learn More About The ONE Project

The One Guyana FPSO project is based on the Fast4Ward program, developed by SBM Offshore, which is responsible for incorporating the company’s new multifunctional floating hull, associated with several properly standardized topside modules. The FPSO is expected to be designed to produce about 250,000 barrels of oil per day, in addition to having a gas treatment capacity of 450 million cubic feet per day, not to mention a water injection capacity of 300,000 barrels daily.

The FPSO will be anchored in about 5,900 feet of water, capable of storing around 2 million barrels of crude oil. SBM Offshore stated that it will continue to work with companies in Guyana, as well as continue recruiting engineers from Guyana for the One Guyana FPSO project team.

Regarding the turnkey phase of the project, operations will be carried out by a specific company, pre-established by SBM Offshore and McDermott. SBM Offshore holds 70% ownership and McDermott has a 30% share in this company. However, the One Guyana FPSO will be wholly owned by SBM Offshore.

Future Projects

With ExxonMobil’s offshore exploration process underway in Guyana, it has been discovered that there is a recoverable resource of over 10 billion barrels equivalent to oil.

ExxonMobil already has a perspective that around 10 projects will be implemented in the Stabroek Block to enable the development of this resource. Currently, the company has been exploring oil through the Liza Unity FPSO, which produced its first oil on February 11, 2022, and the Liza Destiny FPSO, which started oil production earlier, in mid-December 2019.

SBM Offshore to Build Largest FPSO in Its History for Yellowtail Project in Guyana

Beyond The FPSO From SBM Offshore, It Is Estimated That Another 10 Projects Will Be Applied For Petroleum Development In Guyana With ExxonMobil

Contract Between SBM Offshore and ExxonMobil Will Result In Investments In The Yellowtail Project

Learn More About The ONE Project

Future Projects

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SBM Offshore to Build Largest FPSO in Its History for Yellowtail Project in Guyana

Beyond The FPSO From SBM Offshore, It Is Estimated That Another 10 Projects Will Be Applied For Petroleum Development In Guyana With ExxonMobil

Contract Between SBM Offshore and ExxonMobil Will Result In Investments In The Yellowtail Project

Learn More About The ONE Project

Future Projects

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On the Greek island of Ithaca, archaeologists have found what may be a sanctuary dedicated to the legendary Odysseus, with inscriptions bearing his name and votive offerings that span from the Mycenaean to the Hellenistic era.

In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

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